Commercial Real Estate & Business News – August 23, 2023

The CRE industry has been dealt a big blow with eleven interest rate hikes since March 2022 and a federal funds rate that jumped from 0.0% to 5.25%. This rapid interest rate increase has caused expected cap rates to rise to the 6.0%-8.0%+ range from the 3.5%-5.0% range only…»

A highly visible parcel of land along Loop 101 in north Scottsdale is under new ownership. Earlier this week, ASM America Inc., the Phoenix-based U.S. arm of an international semiconductor equipment supplier, purchased nearly 24 acres near the southeast corner of…»

The Global Ambassador, the luxury hotel being developed in Phoenix’s Arcadia neighborhood by famed Valley restaurateur Sam Fox, has signed a partnership deal with Preferred Hotels & Resorts, a deal that will connect the property with some of the most celebrated…»

A Japan-based chemical transportation, storage and distribution company that services the semiconductor industry is building its first U.S. distribution plant in Casa Grande and forecasting it will create about 90 new jobs. NRS Logistics America, a subsidiary of NRS Logistics, bought 40 acres in Casa Grande and…»

The newly released RentCafe.com Rental Activity Report ranks 150 cities based on renters’ interest in moving this August. Chandler, Gilbert and Peoria are among the Top 30 most sought-after cities for renters this month, setting a record for…»